City Fresno Retirement Systems

Global Absolute Return Strategies (GARS)

January 30, 2014

Tam McVieInvestment Director – Absolute Return Investment Specialist

Eric RobertsHead of US Institutional

This material is only authorized for use in the U.S. and for U.S. persons.

This document is intended for one-on-one use for investment professionals only and must not be relied on by anyone else.

2

Standard Life Investments Worldwide

Investment house founded in 1998

Dedicated investment management arm of the Standard Life Group, which was founded in 1825

Clearly differentiated, successful investment philosophy and process

Headquartered in Edinburgh – offices in Boston, Dublin, London, Montreal, Hong Kong, Sydney, Beijing, Seoul, Mumbai^

and Tokyo^^

Source: Standard Life Investments^ Joint Venture with HDFC Asset Management, which is located in Mumbai^^ Strategic Partnership with Sumitomo Mitsui Trust Bank LimitedPlease see Important Information at the back of this presentation

3

Standard Life Investments

Total assets $290.8bn*

By investor type:

� $189.9bn Institutional

� $100.9bn Retail

By asset class:

� $98.9bn Equities

� $116.0bn Fixed Income

� $16.2bn Real Estate

� $4.8bn Private Equity

� $35.4bn Cash Management

� $19.5bn Other

* A number of strategies are also managed that cross a range of asset classes, for example:

� $21.4bn LDI Strategies

� $49.7bn Absolute Return Strategies

Significant market presence

Equities

34.0%

Fixed Income

39.9%

Real Estate

5.6%

Private Equity

1.6%

Cash Management

12.2%

Other

6.7%

Source: Standard Life Investments, September 30, 2013An exchange rate of £1:US$1.619399 as at September 30, 2013 has been usedPlease see Important Information at the back of this presentation

4

Global Absolute Return Strategies

Performance target • Cash* + 5% per year

Two pronged approach • Dynamic global asset allocation

• Active asset management

Robust risk control • Expected volatility range: 4% to 8%

Diverse exposure to: Traditional markets Advanced ideas

• Equities • Duration

• Bonds • Credit

• Real Estate • Inflation

• Foreign exchange • Volatility

• Relative value

* Cash definition will differ with currenciesPlease see Important Information at the back of this presentation

5

What Makes GARS Different

Development history

� Strategy designed initially to solve an internal challenge with the Standard Life Staff Pension Plan

� Less volatility but not at expense of less return

Our responsibility to deliver return of Cash +5% per annum*

� Cash is the benchmark, all strategies selected by us

� No excuses

� …and has to be within a given risk budget**

Blend of traditional and more advanced investment strategies

� GARS is not dependent upon good economic conditions to deliver a positive return

� Strategies’ time horizon based on positive return over 2-3 years

* Gross of fees over a rolling three year basis** 4 to 8%, less than half the risk of equity investmentPlease see Important Information at the back of this presentation

6

Global Absolute Return Strategies

2013 2012 2011 2010 2009 2008 2007

GARS Composite (Gross) 7.3 7.9 2.9 10.8 19.3 -6.4 8.4

1 Month LIBID* 0.1 0.1 0.1 0.2 0.2 2.6 5.4

7.3 7.6

6.0

7.2

9.5

7.5

0.1 0.1 0.1 0.1 0.1

1.5

0

2

4

6

8

10

1 Year 2 Years 3 Years 4 Years 5 Years Since Inception

% R

etu

rn

GARS Composite US$ Gross Return US 1 month LIBID*

Annual GARS Composite Performance

GARS Composite Performance

* Source: Thomson Datastream for US 1 Month LIBID as of December 31, 2013Source: Standard Life Investments, for US Composite Performance; $ GARS Composite performance from 06/12/2006 to 09/30/2012, Standard Life Investments converted $ performance of £ Institutional Strategy to the January 29, 2008, converted $ performance of £ OEIC Strategy to July 31, 2009, weighted average of converted $ performance of £ OEIC and the Off Shore GARS Strategy thereafter.Gross performance does not reflect advisory or other fees that may be charged to the account Standard Life Investments claims compliance with the Global Investment Performance Standards (GIPS®). The portfolio specific data presented above is supplementary information to the US GARS GIPS® composite report, which is enclosed in the Appendix for your reference.Past performance is no guarantee of future results.Please see Important Information at the back of this presentation

Risk Analytics

7

• Volatility:

� GARS 5.7%

� Global Equities 18.1%(annualized, using monthly data, to 09/30/2013)

• VaR (95%, weekly):

� GARS -1.4%

� Global Equities -4.7%(using weekly data, to 09/30/2013)

• Global Equity Market Capture� Upside 30.7%

� Downside 5.7%(using monthly data, to 09/30/2013)

• Maximum Drawdown:� GARS -15.2%

� Global Equities -57.5%(using daily data, to 09/30/2013)

Risk Statistics Market Capture & Drawdown

• Annualized Returns over Three Year Rolling Periods:

High Low

� GARS* 14.8% 4.5%

� Global Equities** 21.4% -4.7%(using monthly data,09/30/2013)

Range of Outcomes

Consistent performance narrows the range of outcomes

** Source: Thomson Datastream as of September 30, 2013* Source: Standard Life Investments, for US Composite gross Performance; $ GARS Composite performance from 06/12/2006 to 12/31/2012, Standard Life Investments converted $ performance of £ Institutional Strategy to the January 29, 2008, converted $ performance of £ OEIC Strategy to July 31, 2009, weighted average of converted $ performance of £ OEIC and the Off Shore GARS Strategy thereafter.Past performance is no guarantee of future results.Please see Important Information at the back of this presentation

8

Multi-Asset Investing Team

Critical combination of skills and experience

MAI Team Members Staff Area Average years in industryAverage years at Standard Life

Investments

Economic Framework 9 Global Strategy 16 8

Risk Investigation 6 Multi-Asset Risk 13 9

Idea Implementation 18 Multi-Asset Management 16 9

Guy Stern CFA

Head of Multi-Asset and Macro Investing

Global Strategy

Andrew Milligan

Frances Hudson

Jason Hepner CFA

CFA PRM

Dr Anne Friel PRM

Multi-Asset Risk

Dr Brian Fleming

Dr Robert de Roeck

Dr Jens Kroeske PRM FRM

David Kirkpatrick

Multi-Asset / Macro Portfolio Management

Audrey SimpsonJulia Mikhniak

Craig Hoyda

Alex Berry

Multi-Asset Implementation

Malin Nairn James Esland CFA

Multi-Asset Business Management

Multi-Asset

Neil Matheson CFA*

Alex Grassino*

Jennifer Catlow

Govinda Finn

Owen McCrossan FIA

Richard Martin FIA

Jeremy Lawson

Ross Hutchison

Rachel Forshaw

Roger Sadewsky

Colette ConboyScott Smith CFA

Dr Ian Pizer CFA

Harry SmithMurray Forbes

Adam Rudd CFANeil Richardson

Stephen Kerr

* Based in Canada GARS Portfolio ManagersGrey boxes denote reporting lines onlySource Standard Life Investments as of December 31, 2013Please see Important Information at the back of this presentation

9

GARS Process

Integrated with broad skill set across Standard Life Investments

Please see Important Information at the back of this presentation

Fundamental economic analysis

Asset class team views

and strategies

Quantitative modelling

Valuation

modelling

Multi Asset Risk and Structuring

Pre-trade risk Diversification measurement Scenario Analysis

Strategic Investment Group

• Review • Debate • Ratify / Reject

ConvictionDiversityLiquidity

Idea Generation

Selection

ImplementationMulti Asset Management

Strategy implementation Final position sizing Execution

Investment

Governance &

Oversight

• Independent Risk

Analysis

• Counterparty Risk

Management

• Investment

governance

Global Equity

High Yield Credit

Global REITs

Chinese Equity

European Investment Grade Credit

Global Equity Oil Majors

European EquityLiquid Instruments

Long US Dollar vs Canadian DollarLong US Dollar vs Euro

Long Mexican Peso vs Australian Dollar

Long US Dollar vs Japanese Yen

Mexican Government Bonds vs Euro

European Duration (Forward Start)

European Long-End Curve Steepener

FX Hedging

German vs French Equity

Japanese vs Korean Equity

US Equity Technology Sector vs US Equity Small Cap

US Equity Technolgy vs Taiwan

Asian Basket vs US Variance

China Equity vs UK Equity Volatility

Hang Seng vs S&P Volatility Security Selection

10

Risk-Based Portfolio Construction

Share of market risk exposure by strategy

Source: Standard Life Investments US Representative GARS portfolio, September 30, 2013The Security Selection component of the share of the market risk exposure represents exposure to the excess returns of actively managed portfolios in various asset classes.Please see Important Information at the back of this presentation

Portfolio construction through a strategy group lens

Share of market risk exposure by risk categories

Market

Directional

Relative Value

Equities, 3.17%

FX, 2.70%

Credit, 1.04%

Duration, 1.04%

Stock Selection, 0.96%

Property, 0.73%

Volatility, 0.26%

11

Risk Profile

Risk Profile Of Multi-market Return Strategy

Sta

nd-a

lone R

isk

• The portfolio is exposed to multiple & diverse market risks

• 14.0% is total stand-alone investment risk that is deployed to seek returns

• Equivalent equity volatility is 17.3%

• Independent risk analysis* shows the benefits of investment diversification

9.5%

4.5%

0%

2%

4%

6%

8%

10%

12%

14%

Diversification benefits

Expected volatility

Directional Returns

Market Returns

Relative Value

Security Selection

Source: Standard Life Investments US Representative GARS portfolio, September 30, 2013*Risk analysis is conducted using Sungard APT, a 3rd party systemKey to color coding: Market, Directional, Relative Value and Security SelectionPlease see Important Information at the back of this presentation

12

Risk Management

• Three stages of risk management:

(1) Independent risk modelling using APT system (ex-ante risk)

� Daily risk reporting

� Pre-trade risk analysis

(2) Scenario analysis

� Historical extreme events using RiskMetrics

� Future extreme events modelled internally

(3) Realised volatility based on performance (ex-post risk)

13

Risk Management

Portfolio risk restrictions:• Volatility expected to be 4% to 8%, long term

• Strategy risk limit, 40% of aggregate stand alone risk

• Sub-strategy limit, 30%

Multi-Asset Investing includes a dedicated risk team• Pre-trade risk analysis essential for any proposed portfolio changes

• Multi-dimensional analysis of portfolio behaviour

Active risk monitored by three accountable groups• Multi-Asset Investing team, headed by Guy Stern, Head of Multi-Asset and Macro

Investing

• Investment Risk team, which is integrated within the front office

• Fund Governance team providing client oversight

• Industry standard systems – APT and Risk Metrics

Extensive daily checks to ensure robust pricing

Comprehensive risk controls

14

Convention is to constrain risk by setting asset allocation limits

This restrictive approach is superseded by our risk based approach

Portfolio risk restrictions:

• Strategy group risk limit, 40% of aggregate stand alone risk

• Strategy risk limit, 30% of aggregate stand alone risk

Benefits:

• Widest possible investment universe / more scope for finding returns and diversity

• Only hold assets where we have conviction / insight

• All strategies can contribute significantly to returns

Risk Management

15

Historical Scenario Analysis

Source: RiskMetrics, September 30, 2013 Standard Life Investments US Representative GARS portfolio, September 30, 2013Please see Important Information at the back of this presentation

-28 -26 -24 -22 -20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18

Black Monday 1987

Gulf War 1990

Rate Rise 94

Mexican Crisis 1995

Asian Crisis 1997

Russian/LTCM

Tech Wreck ( April 7-14, 2000)

Sept 11th

Equity Sell-Off (August 23 - October 9, 2002)

Equity Rally (October 10 - November 27,2002)

Gulf War 2 (March 1-23,2003)

Bond Rally (May 1 - June 13, 2003)

Bond Sell-Off (June 14 - July 31, 2003)

Emerging Market Sell-Off 2006 (May 1 - June 8,2006)

Subprime Debacle 2007 (July 15 - August 15, 2007)

Bank Meltdown 2008 ( September 12 - October 15, 2008)

Euro Crisis (July 22 - August 23, 2011)

QE jitters (May 22 - June 24, 2013)

% Move

MSCI World (USD) move over same periodGARS Portfolio

16

Defining features of scenarios need not be directly financial market related*

• Economic

• Environmental

• Geopolitical

• Societal

• Technological

Our subject matter experts translate scenarios into financial market impacts

Quantitative techniques are then used to

• Add uncertainty to point return figures

• Explore potential portfolio behaviour

Forward-Looking Scenario Approach

A pragmatic approach based on strategy returns

* Global Risks 2013, World Economic Forum (2013)Please see Important Information at the back of this presentation

17

Current Scenarios of Interest

• Abrupt end to QE

• EU moves apart

• Commodity shock

• China crisis

• Trade war

• QE continues

An evolving process subject to formal annual review

Please see Important Information at the back of this presentation

18

Ex-Post Risk Analysis

• Expect volatility range of 4 – 8%

• We track realized volatility relative to expectation and to risk model estimates

• Various bases can be used:

� monthly, weekly, daily data

� various window sizes and weightings

• Measuring relative to equities is a useful way to normalize

• We expect GARS to be 1/3 to 1/2 of equity volatility

Advanced portfolio technologies (APT)The chart above is for illustrative purposes only of a sample Standard Life Investments GARS portfolio Chart source: Thomson Datastream as of September 30, 2013Comments: Standard Life Investments as of September 30, 2013Please see Important Information at the back of this presentation 18

Portfolio Outlook / Themes

• Multi-Speed Global Growth�RV Duration EU vs US and Japan

�US Equity Technology vs Taiwan

�German vs French Equity

• Central Bank Policy�European Duration (Forward-Start)

� Japanese vs Korean Equity

�US Dollar vs Japanese Yen

• Earnings Potential�EU Equity

�Oil Majors

�Global REITS

• Chinese Economic Change�Chinese Equity

�Mexican Peso vs Australian Dollar

�Australian Short term duration

19

Source: Standard Life Investments US Representative GARS portfolio, December 31, 2013Key to themes: Market, Directional, Relative Value and Security SelectionPlease see Important Information at the back of this presentation

20

Key Benefits of GARS

Exploits established market inefficiencies• Positive outcome bias• Low turnover / costs

Durably diverse• Broad range of return-seeking strategies • Work well together in many scenarios

Transparency / Oversight• Portfolio risks and return attribution – comprehensive and clear• Regulated, onshore familiar structure

Accessibility / Liquidity• Daily access without notice, lockup or gate• Highly liquid underlying asset pool

Fit to your existing portfolio• Low correlation, so complements many investment strategies • Low flat fee structure – a core solution

Exceptional rewards for modest risk levels

Appendices

Strategy Activity 2013

Q2 2013

� Closed Chinese vs Japanese FX volatility strategy

� Added Long German vsFrench Equity

� Closed European Swaption Steepener

� Closed German vs French Duration

� Closed Global Index Linked Bonds

� Added European Duration (Forward Start)

� Added Japanese vs Korean Equity

� Closed Russian Equity

� Closed Indian Rupee vsSingapore Dollar

� Closed US Steepener

� Added Global Equity Oil Majors

� UK Credit now over 80% duration hedged*

� Closed US Large vs Small Cap Equity

� Adjusted Equity Beta Exposure

� Added Long Equity Volatility

� Reduced High Yield exposure

� Added Australian Short-term Interest Rates

� Duration relative valueEU vs US and Japan

� Added Suppressed EU Rates Volatility

Q1 2013

� Closed European Financials Capital Structure (completed April 08, 2013)

� Added Chinese Equities

� Closed UK vs Europe forward start duration

� Closed Korean Equity

� Long Equity Volatility contracts expired

� Added Asian v S&P Variance(closed NKY v S&P variance)

� Added EUR yield curve Steepener

Q3 2013 Q4 2013

22

* In GARS portfolios where appropriate Source: Standard Life Investments US Representative GARS portfolio, December 31, 2013Key to themes: Market, Directional, Relative Value and Security SelectionPlease see Important Information at the back of this presentation

23

Changing Risk Allocation

• Strategy groups reflect the broad themes of risk exposure

• Each one is expected to have distinct behaviorcharacteristics

• No one strategy group may actively be set to be more than 40% of aggregate risk

• Weighting reflects size coupled with a moving assessment of historic market volatility over 3 years

• Broad move away from Duration risk towards FX and Real Estate in recent quarters

Investment Opportunities – Evolve Over Time

Str

ate

gy

Exp

osu

re

Source: Standard Life Investments sample GARS portfolio, September 30, 2013The above strategy exposures are for illustrative purposes only to visualize the approach of changing risk allocation in a portfolio over a stated period of time.Please see Important Information at the back of this presentation

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Security Selection

Inflation

Real Estate

Credit

Volatility

FX

Duration

Equities

24

Dynamic Diversification

Source: Standard Life Investments sample GARS portfolio, September 30, 2013The above strategy types are for illustrative purposes only to visualize the approach of changing risk allocation in a portfolio over a stated period of time.Please see Important Information at the back of this presentation

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

Market returnsDirectionalRelative ValueSecurity Selection

Vo

latilit

y

25

Regular Liquidity Monitoring

Considerable cash buffer beyond 99% VaR stressStandard Life Investments US Representative GARS portfolio, September 30, 2013Please see Important Information at the back of this presentation

Fund 2250

Valuation date 30/09/2013 OTC Derivatives

Total fund value 1,422,745,512 28,110,894 collateral posted (c)

Available cash 531,647,560 (a) 5,570,874 collateral held

Eligible securities 0 (b) -25,904,821 mark to market

Exchange traded

(margin)

OTC

(collateral)

Total derivatives

covered by cash cash

Standalone Risk 2.40% 4.06%

VaR (99%, 1m) 22,968,624 (d) 38,798,320 (e) 61,766,944 (d)+(e)

Available cover 531,647,560 (f) 480,568,042 (g) 503,536,665 (h)

Cover for 1m VaR 23.1 12.4 8.2

RAG Status GREEN GREEN GREEN

Legend

(f) = (a)

(g) = (a)-(d)-(c)

(h) = (a)-(c)

The primary status is that on the total derivative cover, however an amber status on either ET or OTC cover requires review by Fund Management. The RAG status

limits are:

RED < 1 * 1 month VaR

AMBER < 2 * 1 month VaR

GREEN > 2 * 1 month VaR

Availability of cash is managed by the Money Market Team. The VaR figures inform this process, as documented in the Cash Management Policy.

0%

2%

4%

6%

8%

10%

12%

Eq

uit

ies

FX

Cre

dit

Du

rati

on

Sto

ck S

ele

ctio

n

Pro

pe

rty

Vo

lati

lity

Ca

sh

Div

ers

ific

ati

on

Fu

nd

Vo

lati

lity

2626

Strategy Groupings Risk

% of equity vol1 ρ

Volatility 4.46% 25.8% -0.43

Fully correlated risk categories 9.91% 57% 1

Uncorrelated risk categories 4.59% 27% 0

VaR (99%, 1 month) 42,567,705 2.99% as % of NAV

Risk CategoriesStandalone

risk% of total

standalone 2 DiversificationPosition-removal

CorrelationMarginal

attribution3

Exposures

Long Short Nominal

Equities 3.17% 32.01% 1.42% 1.67% 0.12 2.49% 52.0% -31.8% 20.2%

FX 2.70% 27.25% -3.93% -0.84% -0.55 -0.10% 5.4% -40.9% 46.2%

Credit 1.04% 10.47% 1.97% 0.60% 0.50 0.68% 20.0% 0.0% 20.0%

Duration 1.04% 10.46% 1.63% 0.44% 0.33 0.54% 72.3% -7.8% 64.5%

Stock Selection 0.96% 9.73% 0.00% 0.11% 0.00 0.21% 0.0% 0.0% 0.0%

Property 0.73% 7.37% 2.00% 0.54% 0.72 0.57% 4.8% 0.0% 4.8%

Volatility 0.26% 2.66% 0.70% 0.06% 0.22 0.07% 0.4% -0.1% 0.2%

Cash 0.00% 0.05% 0.13% 0.00% 0.39 0.00% 41.7% 0.0% 41.7%

Total (exposures ex.cash): 9.91% 100.00% 2.58% 4.46% 154.8% -80.6% 156.1%

Diversification benefit: 5.46%

1. MSCI WORLD equity vol (17.3%), 2. Limit on % total standalone: 40%, 3. Also known as Contribution to RiskSource: Standard Life Investments US Representative GARS portfolio, September 30, 2013Please see Important Information at the back of this presentation

Stand-alone contributions

Marginal contributions

Stand-alonecontributions

Stand-alone and marginal contributions

5.46%

4.46%

3.17%

2.70%

1.04%

1.04%

0.96%

0.73%

0.26%

Equities

FX

Credit

Duration

Stock Selection

Property

Volatility

2727

Individual Strategies Risk

% of equity vol1 ρ

Volatility 4.46% 25.8% 0.04

Fully correlated risk categories 13.96% 81% 1

Uncorrelated risk categories 3.47% 20% 0

VaR (99%, 1 month) 42,567,705 2.99% as % of NAV

Risk CategoriesStand-

alone risk% of total

standalone 2 Diversification Position-removal Correlation Marginal

Attribution3

Exposures

Long Short Nominal

Global equity 1.86% 13.29% 2.29% 1.11% 0.44 1.36% 24.2% -12.3% 12.0%

Long USD vs CAD 1.24% 8.92% -2.50% -0.50% -0.52 -0.35% 14.6% -14.7% 14.6%

Long USD vs EUR 1.00% 7.16% -1.35% -0.09% -0.20 0.02% 9.8% -10.1% 9.8%

Stock Selection 0.96% 6.91% 0.00% 0.11% 0.00 0.21% 0.0% 0.0% 0.0%

High yield credit 0.82% 5.89% 1.93% 0.52% 0.59 0.57% 10.0% 0.0% 10.0%

Global REITs 0.73% 5.23% 2.00% 0.54% 0.72 0.57% 4.8% 0.0% 4.8%

Long MXN vs AUD 0.72% 5.19% 0.37% 0.08% 0.02 0.13% 7.2% -7.7% 7.2%

Chinese equity 0.68% 4.87% 1.60% 0.35% 0.47 0.39% 3.2% 0.0% 3.2%

German vs French equity 0.66% 4.75% -0.88% -0.04% -0.13 0.01% 5.3% -5.3% 5.3%

Japanese vs Korean equity 0.61% 4.34% -0.43% 0.02% -0.03 0.06% 2.6% -2.9% 2.6%

Long USD vs JPY 0.57% 4.09% 1.25% 0.22% 0.33 0.25% 5.6% -5.6% 5.6%

US equity tech vs small cap 0.57% 4.07% -1.20% -0.12% -0.29 -0.09% 5.4% -5.3% 5.4%

Mexican rates vs EUR 0.53% 3.83% 1.43% 0.27% 0.47 0.29% 9.9% -5.0% 4.8%

EU corporate bonds 0.51% 3.67% 0.66% 0.08% 0.10 0.11% 10.1% 0.0% 10.1%

Global equity oil majors 0.51% 3.62% 1.58% 0.32% 0.61 0.34% 3.0% 0.0% 3.0%

US equity tech vs Taiwan 0.47% 3.35% 0.96% 0.13% 0.23 0.15% 3.2% -3.0% 3.2%

European equity 0.40% 2.86% 1.42% 0.25% 0.62 0.26% 5.1% -3.1% 2.0%

European forward-start interest rates 0.39% 2.78% -0.52% -0.01% -0.08 0.00% 49.9% 0.0% 49.9%

European long-end curve steepener 0.33% 2.34% 0.81% 0.09% 0.24 0.10% 17.5% -7.8% 17.5%

Asian vs S&P variance 0.22% 1.57% 0.47% 0.03% 0.11 0.04% 0.0% 0.0% 0.0%

HSCEI vs FTSE variance 0.07% 0.53% 0.25% 0.01% 0.10 0.01% 0.0% 0.0% 0.0%

Hang Seng vs S&P volatility 0.06% 0.43% 0.49% 0.03% 0.46 0.03% 0.3% -0.1% 0.3%

FX Hedging 0.04% 0.30% -0.18% 0.00% -0.09 0.00% 0.8% -0.5% 1.3%

Liquid Instruments 0.00% 0.03% 0.13% 0.00% 0.39 0.00% 2.5% 0.0% 2.5%

Cash 0.00% 0.00% 0.00% 0.00% 0.00 0.00% 39.2% 0.0% 39.2%

Total (exposures ex.cash): 13.96% 100.00% 3.39% 4.46% 194.9% -83.3% 175.0%

Diversification benefit: 9.51%

1. MSCI WORLD equity vol (17.3%), 2. Limit on % total standalone: 30%, 3. Also known as Contribution to RiskSource: Standard Life Investments US Representative GARS portfolio, September 30, 2013Please see Important Information at the back of this presentation

28

Cumulative Performance Attribution

Source: Standard Life Investments sample GARS portfolio, September 30, 2013The above performance attributions are for illustrative purposes only to visualize the approach of adding strategies to a portfolio over a stated period of time.Please see Important Information at the back of this presentation

Contributions since Q3 2006

Quarter Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

Number of strategies 13 14 14 15 16 18 22 23 30 34 37 36 35 30 31 35 33 32 34 28 30 29 31 30 31 34 35 34 27

Security Selection -0.2% 1.4% 1.2% 0.7% -0.3% -0.6% 0.0% 0.8% -0.9% -0.5% 1.4% -1.2% -1.0% -0.1% -0.3% -0.6% 0.2% 0.3% -0.5% -0.4% -0.7% 0.3% 0.4% 0.2% 0.1% 0.1% 0.2% 0.2% 0.1%

UK Equity 0.6% 0.7% 0.2% 0.6% -0.1% 0.1% -1.0% -0.3% -0.5% 0.1% -0.4% 0.8% 0.9% 0.2% 0.2% -0.3% 0.6% 0.3% 0.2% 0.1% -0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.0% 0.2%

Global Equity 0.5% 0.7% 0.2% 0.7% 0.0% -0.4% -1.3% 0.0% -0.8% -1.1% -0.9% 1.4% 1.1% 0.3% 0.4% -0.8% 0.7% 0.8% 0.4% -0.2% -0.5% 0.3% 0.6% -0.4% 0.2% -0.2% 0.6% 0.2% 0.3%

European Equity 0.5% 0.3% 0.7% 1.0% -0.1% -0.2% -1.4% -0.4% -1.1% -1.4% -0.8% 1.2% 1.0% 0.1% 0.1% 0.0% 0.4% 0.4% 0.2% 0.0% -0.6% 0.1% 0.4% -0.2% 0.3% 0.2% 0.2% 0.0% 0.0%

US Equity -0.7% -1.1% -0.9% 1.0% 0.8% 0.3% 0.2% -0.2% 0.3% 0.3% 0.2% 0.0% -0.4% 0.4% 0.3% -0.2% 0.1% -0.1% 0.4% 0.1% 0.1%

Russian Equity -0.2% -0.7% 0.1% 0.4% -0.4% 0.2% 0.2% 0.1% -0.3% 0.1%

Global Equity Oil Majors 0.0%

Korean Equity 0.0% -0.5% 0.2% 0.0% -0.1%

Chinese Equity -0.1% -0.3% 0.4%

Investment Grade Corporate Bonds 0.3% 0.3% 0.1% -0.2% 0.3% 0.2% -0.1% -0.1% -0.4% -0.3% -0.7% 3.0% 2.6% 0.4% 1.1% 0.2% 0.9% -0.4% 0.2% 0.2% -0.3% 0.4% 0.9% 0.1% 0.8% 0.5% 0.1% -0.1% 0.2%

Financial Sector Credit 0.8% 0.4% -0.3% 0.3% -0.9% 0.8% 1.1% -0.1%

High Yield Credit -0.3% 0.2% 0.2% 0.1% 0.0% -0.8% 0.6% 0.6% 0.0% 0.6% 0.3% 0.4% -0.1% 0.3%

Global Inflation-Linked Bonds 0.4% -0.1% 0.1% -0.1% 0.4% 0.4% 0.4% 0.1% 0.0% -0.3% 0.1% 0.2% 0.3% 0.2% 0.1% 0.2% 0.3% -0.1% 0.1% 0.3% 0.3% 0.4% 0.2% -0.2% 0.3% 0.4% 0.3% -0.4%

European Real Estate -0.2% -0.1% -0.7% -0.4%

Japanese Real Estate -0.1% -0.7% -0.3% -0.3% -0.1% -0.2%

Global REITs 0.1% 0.3% 0.0% 0.1%

Cash 0.3% 0.2% 0.3% 0.5% 0.3% 0.3% 0.4% 0.4% 0.4% 0.3% 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.1% 0.0%

UK Short-term Interest Rates -0.5% 0.8% 0.4% 0.1% 0.3% 0.8% 0.1% -0.6% 0.2% 0.1% 0.7% 0.4%

European Short-term Interest Rates -0.1% 0.1% -1.1% 0.6% 1.8% 1.0% -0.7% 0.2% 0.0% 0.2% 0.0%

Australian Short-term Interest Rates 0.0% -0.4% 0.1% 0.2% 0.0% 0.3% 0.0% 0.1% 0.0% 0.1%

Australian interest rate flattener 0.0% 0.0%

Swedish Short-term Interest Rates 0.1% 0.0% -0.1% 0.2% 0.4%

European Bond Yield Steepener 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.0% 0.1% 0.1% 0.0% 0.1%

European Long-End Curve Steepener 0.0% -0.2% 0.0%

European Duration (Forward Start) 0.0% 0.1%

US Long Bond Yields (Forward-Start) 0.3% -1.1% -0.1% 0.0% 2.3% 0.2% 0.0% 0.0% 0.1% 0.1%

US steepener 0.0% 0.3% -0.2% 0.1%

Medium-term European Interest Rates 2.4% 0.9% -0.1% 0.8%

Medium-term Australian Interest Rates -0.4% 1.1% 0.0%

Medium-term UK Interest Rates 0.2% -0.3% -0.1%

Long-term European Interest Rates 0.3% -0.3% -0.3% -0.6% 0.1% 0.0% 0.0% -0.7% 0.7% 2.7% -0.9% -0.5% 0.5% -0.2% 0.5% 0.8% 0.3%

Long-term US Interest Rates 0.2% -0.2% -0.6% 0.5% -0.8% 0.1%

Long-term Japanese Interest Rates 1.0% 0.8% 0.3% -0.2% 1.0% 0.5% 0.5% 0.6% 0.9% -0.5% 0.3% 0.4% 0.2%

Japanese Interest Rates -0.2% -0.1%

UK Inflation Linked Asset Swap 0.5% 0.1%

Short UK Inflation 0.2% -0.2% 0.0% -0.3% 0.4% -0.4% 1.2% -0.1% -0.4% -0.1%

UK Inflation Real Yield 0.1% -0.1% 0.0%

UK Equity Volatility 0.3% 0.2% 0.1% 0.2% 0.4% 0.1%

FTSE 100 Dividends 0.0% -0.3% -0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Nikkei Dividends -0.1% 0.0% 0.2% 0.1% 0.1%

Long Equity Variance -0.1% -0.2% 1.9% -0.1%

Long Equity Volatility 0.1% -0.2% -0.1% -0.1% -0.2%

Long Sterling vs Euro 0.1% -3.1% 1.0% 1.3% -0.6% 0.2% 0.2% 0.4% -0.2% -0.1%

Long Sterling vs South African Rand 0.0% -0.1% 0.0% 0.0% 0.0%

Long US Dollar vs Sterling 0.1% -0.2% 0.0% -0.2% -0.1% 0.5% 0.0% 0.0% 0.5%

Long US Dollar vs Euro 0.3% 0.8% 0.8% -0.4% -0.3% 0.2% 0.6% 0.7% -1.0% 0.5% -0.9% -0.3% 0.5% 0.5% -0.3% 0.6% -0.3% -0.3% 0.3% -0.1% -0.4%

Long US Dollar vs Japanese Yen -0.2% 0.2% 0.0% -0.8% 0.5% -0.1% -0.3% 0.3% 0.1% -0.2% -0.2% -0.1% 0.1% -0.1% -0.2% 0.1% 0.4% -0.2% -0.1% 0.5% 0.4% 0.2% 0.1%

Long US Dollar vs South African Rand -0.2%

Long US Dollar vs Canadian Dollar -0.1% -0.1% 0.2% -0.6% 0.1% 0.3% 0.4% -0.3%

Long Swedish Krona vs Euro -0.2% 0.5% 0.0% 0.5% 0.0%

Long Brazilian Real vs Chilean Peso 0.2% -0.1% 0.1% 0.2% -0.2% -0.1%

Long Brazilian Real vs Czech Koruna -0.4% 0.0%

Long Turkish Lira vs Canadian Dollar -0.2% 0.1% -0.1%

Long Polish Zloty vs Czech Koruna -0.3% 0.4% 0.2% -0.2% 0.0% 0.2% -0.2% 0.0% -0.2%

Long Brazilian Real vs Japanese Yen -0.4% 1.0% -0.9% -1.3% 0.5% 0.9% 0.3%

Long Turkish Lira vs South Aftrican Rand -0.6% 0.3%

Long Turkish Lira vs Sterling 0.2% 0.0%

Long Norwegian Krone vs Euro -0.3% 0.1% 0.1%

Long Norwegian Krone vs Swiss Franc 0.8%

Long Brazilian Real vs Australian Dollar -0.4% 0.0%

Long Mexican Peso vs Australian Dollar 0.0% 0.0% 0.2% 0.3% -0.1%

Long Indian Rupee vs Singapore dollar -0.1% 0.2% -0.2% -0.3%

Mexican Government Bonds vs Euro 0.0% -0.2% 0.2% 0.5% 0.3% 0.4% -0.1% 0.6% -0.2% -0.1%

Other FX 0.1% 0.0% 0.1% 0.0% 0.1% 0.0% 0.2% 0.0% 0.0% -0.5% -0.2% -0.2% 0.1% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% -0.1% -0.1%

29

Cumulative Performance Attribution

Source: Standard Life Investments sample GARS portfolio, September 30, 2013The above performance attributions are for illustrative purposes only to visualize the approach of adding strategies to a portfolio over a stated period of time.Please see Important Information at the back of this presentation

Contributions since Q3 2006

Quarter Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

Number of strategies 13 14 14 15 16 18 22 23 30 34 37 36 35 30 31 35 33 32 34 28 30 29 31 30 31 34 35 34 27

UK Large v Mid Cap UK equity -0.4% -0.9% -0.3% 0.6% 0.3% 0.3% -0.5% 0.5% 0.2% 0.5% -0.9% -0.6%

Swiss Equity vs German Equity 0.0% -0.3% 0.2% -0.1% 0.2% 0.0% 0.1% -0.3% -0.1% -0.1% 0.1% -0.6% -0.1% -0.8% -0.3%

Korean Equity vs Japanese Equity 0.0% 0.1%

Korean Equity vs European Equity 0.3% -0.1% 0.0% 0.0% 0.1% -0.5%

US Large vs US Small Cap Equity 0.1% -0.2% 0.0% -0.7% -0.1% 0.1% 0.7% -0.3% -0.1% 0.1% 0.0% -0.2% -0.3% 0.0% -0.3%

US Equity Technology vs US Equity Small Cap 0.1% -0.4% 0.7% -0.3% 0.1% -0.3% -0.2% 0.0% 0.0%

US Equity Technology vs Taiwan -0.1% 0.2% 0.1% 0.1%

Credit Curve Steepener 0.0% 0.1% 0.0%

Financial Sector vs Broad Credit -0.6% -0.4% 1.0% 0.3% 0.2% 0.3% 0.0% 0.2% -1.1% 0.7% -0.2% -0.8% 0.0% 1.0% -0.7%

Broad vs Financial Sector Equity 0.1% 0.3% 0.6% 0.3% 0.0% 0.9%

European Financials Capital Structure 0.1% 0.1% 0.1% -0.4% 0.0%

High Yield vs Equity -0.3% -0.6% 1.2% 0.0% -0.1% -0.3%

UK Curve Steepener 0.4% 0.3%

European vs Japanese Medium Term Interest Rates -0.4% 0.9% 0.4%

US vs Japanese Medium Term Interest Rates 0.6% 0.9%

Australian vs Japanese Medium Term Interest Rates 0.1% -0.6% 0.2% 0.2% 0.1%

Japanese vs European Forward-Start Interest Rates 0.5% -0.1%

US Short-term Swap Spread 0.9%

UK vs German Short-rates 0.1% 0.5% 0.2%

Australian vs German Short-rates 0.1% 0.1%

Australian vs US Short-rates -0.2% -0.1% 0.1% 0.0% 0.4% 0.2%

Swedish vs German Short-rates 0.0% 0.0% 0.1% -0.2% 0.0%

Swedish vs US Short-rates -0.2% -0.2%

UK vs European Forward-Start Duration 0.1% 0.0% 0.0% 0.0%

German vs French interest rates 0.0% -0.1% 0.0% -0.1%

German v French equity 0.0% -0.2%

Japanese v Korean Equity -0.2%

US Inflation vs UK Inflation -0.5% -1.5% 0.0% 0.3%

UK vs European Inflation -0.1%

UK Inflation vs Long Gilts 0.2%

USD vs GBP Volatility Spread 0.1% 0.0% 0.1%

European Equity Volatility 0.2% 0.0% 0.0% -0.1% 0.0%

S&P Call Calendar Spread 0.1%

German Equity vs UK Equity Relative Volatility -0.2% 2.0% -0.1% -0.1% 0.1%

China Equity vs UK Equity Volatility 0.0% 0.1% -0.5% 0.2% 0.0% 0.0% 0.0% 0.1% 0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Relative Variance Income -0.2% 1.2% 0.2% 0.1% 0.4% -0.3% -0.7% 0.1% 0.5% 0.4% -0.2% -1.0% 0.3% 0.3% -0.3% 0.2% 0.3% 0.2% 0.0% 0.0%

Hang Seng vs S&P volatility -0.2% 0.0% -0.1% -0.1% 0.0% 0.0%

Asian Basket vs US Variance 0.0% 0.0% 0.0%

Chinese vs. Japanese currency volatility 0.0% 0.0% -0.2% 0.0%

Residual 0.0% 0.6% -0.5% -0.1% 0.2% 0.4% 0.0% 0.1% 0.0% 0.0% -0.2% -0.2% 0.2% 0.2% 0.0% 0.0% 0.2% 0.0% -0.1% -0.1% 0.2% -0.2% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% -0.2%

GARS total 3.7% 3.7% 2.0% 2.3% 2.7% 1.7% -3.7% 0.9% -4.2% 3.4% 0.8% 5.5% 11.3% 1.5% 4.6% 2.2% 4.8% -0.7% 0.2% -1.3% 1.2% 3.7% 5.5% -1.7% 3.0% 1.4% 4.0% -0.6% 0.4%

TOTAL Fund 3.7% 3.7% 2.1% 2.3% 2.7% 1.7% -3.7% 0.9% -4.0% 3.4% 0.8% 5.5% 11.3% 1.5% 4.6% 2.2% 4.8% -0.7% 0.2% -1.3% 1.2% 3.7% 5.5% -1.7% 3.0% 1.4% 4.0% -0.6% 0.4%

US GARS Composite Report

Composite Name US GARS

Creation Date 07/01/2006

Firm Standard Life Investments

Currency USD

Report End Date 12/31/2012

Composite Group Converted GARS

Benchmark 1 Month USD LIBID

Firm DisclosuresA complete list and description of all of the firm's composites are available from Standard Life Investments. There are no minimum asset levels set below which portfolios are not included in a composite. All performance calculations and returns have been calculated gross of management fees. All returns are presented on an all-inclusive basis and as such all capital gains interest income and withholding taxes have been taken into account in market valuations and returns. All indices are on a gross of tax basis apart from FTSE UK indices which are net of Withholding Tax. There are no Non-Fee-Paying portfolios included in any composite. The Daily True Time Weighted Rate of Return methodology has been used from 2001 apart from unitised Cash Property GARS and Myfolio products where NAV performance is used. Prior to this NAV performance was used for all products. Additional information regarding policies for calculating and reporting returns is available upon request. Dispersion is calculated using high/low difference. Standard Life Investments 'The Firm' consists of all fee-paying funds managed by Standard Life Investments and its Subsidiaries which include Standard Life Investments (Mutual Funds) Limited SLTM Limited Standard Life Investments (Corporate Funds) Limited Standard Life Investments (USA) Limited and Standard Life Investments (Asia) Limited. Past performance results from Standard Life Investments Limited UK Firm and Standard Life Investments Limited Irish Firm have been linked to form the performance record of the new firm Standard Life Investments. The new firm was created on 01/01/2008. Standard Life Investments claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Standard Life Investments has been independently verified by Pricewaterhouse Coopers for the periods 1996 to 2012. The verification report is available upon request. Verification assesses whether (1) thefirm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation

Composite DisclosuresDerivatives may be used to vary exposure to markets and express views on the direction of currencies, interest rates, sectors and securities to enhance capital return, limit downside volatility and preserve capitalIncludes part period return for 07/01/2006 The composite includes funds that invest in a highly diversified strategy including equities, bonds and cash with a derivative overlay in options, futures, swaps and currency forwards to deliver a positive absolute return. The fund is benchmarked against 1 month US LibidThe standard annual fee applicable to this composite is 1.00%, but individual fees are negotiated on an account basisThis composite includes GBP denominated funds that are converted into USD using 3 month USD Libor and 3 month GBP Libor rates

Anlzd Return (Composite)

Anlzd Return (Benchmark)

3 Year Anzld StdDev(Composite)

3 Year Anzld StdDev(Benchmark)

DispersionMarket Value

(m)Total Firm Assets (m)

% of Firm Assets

Number of Portfolios

Dec 2003 NA NA NA NA NA NA NA NA NA

Dec 2004 NA NA NA NA NA NA NA NA NA

Dec 2005 NA NA NA NA NA NA NA NA NA

Dec 2006 7.92 2.63 NA NA NA 61,396,573 250,034,719,675 0.02 1

Dec 2007 8.36 5.28 NA NA NA 480,921,603 273,159,275,038 0.18 1

Dec 2008 -6.35 2.58 NA NA NA 1,193,805,120 169,620,437,123 0.70 1

Dec 2009 19.25 0.20 7.19 0.60 NA 3,555,802,495 205,104,682,260 1.73 2

Dec 2010 10.75 0.13 7.31 0.35 1.33 10,897,493,192 206,244,327,020 5.28 2

Dec 2011 2.89 0.10 5.69 0.02 0.14 16,448,902,409 191,669,627,227 8.58 3

Dec 2012 7.86 0.11 4.62 0.01 0.73 27,699,502,152 217,691,673,950 12.72 3

30

31

Important Information

All sources within this presentation are Standard Life Investments as of September 30, 2013 unless otherwise stated.

Products and services described herein are provided by Standard Life Investments, its subsidiaries, affiliates or related companies.

The enclosed material is confidential and not to be reproduced or redistributed in whole or in part without the prior written consent of Standard Life Investments. This material is for informational purposes only to provide general information and is not meant to be legal or tax advice for any particular investor, which can only be provided by qualified tax and legal counsel. Any offer of securities may be made only by means of a formal confidential private offering memorandum. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstance in which such an offer or solicitation is unlawful or not authorized. Please read the confidential private placement memorandum carefully prior to investing. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal, and tax professionals before making any investments.

All opinions and estimates in this presentation are those of Standard Life Investments, and constitute Standard Life Investments’ best judgment as of the date indicated. The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. Statements concerning market trends are based on current market conditions, which may fluctuate. References to future returns are not promises or even estimates of actual returns that Standard Life Investments may achieve, and should not be relied upon. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. In addition, the forecasts are based upon subjective estimates and assumptions about circumstance and events that may not yet have taken place or may never do so.

Performance is shown gross of fees and expenses, and includes the reinvestment of dividends and capital gain distributions where applicable. The performance of the strategy will be reduced by advisory and other fees charged to the strategy. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment return and principal value of your investment will fluctuate, so that when your investment is sold, the amount you receive could be less than what you originally invested. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur.

A schedule of fees is described in Part II of Form ADV, which is available upon request. To illustrate an account subject to an investment advisory fee of 1% per annum growing at anannual rate of 8.2% for a five year period would only produce a 7.1% annual return. The returns and fees experienced by a particular client will be different than the example shown.Investments are not insured by the FDIC (or any other state or federal agency), are not guaranteed by any bank, and may lose value.

Fees are also described in the Standard Life Investments (Corporate Fund) Ltd Form ADV Part II and may vary depending on, among other things, the applicable fee schedule and account size.

Standard Life Investments is engaged in a joint venture with HDFC Asset Management owning 49%.

Standard Life Investments is engaged in a strategic partnership with Sumitomo Mitsui Trust Bank.

SL Capital Partners (US) Ltd is a subsidiary of Standard Life Investments. Standard Life Investments owns 60%

No investment process is free of risk and there is no guarantee that the investment process described herein will be profitable. The strategy allocation percentages set forth herein are estimates and actual percentages may vary from time to time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment, as well as the risks associated with that investment. Please note that the strategy may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. The actual performance of the portfolio will depend on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return while minimizing risk. The actual investments in the portfolio may or may not be the same or in the same proportion as those shown herein.Portfolios within the composite are benchmarked to an appropriate market index. The benchmark does not reflect any fees, brokerage commissions or other expenses and does not reflect the reinvestment of dividends.

The GARS representative account is the GARS Cayman Master portfolio. This account is available to US investors. Performance may differ based on factors which include exchange rate fluctuations, cash flows, fees, product structure differences, etc.

The GARS sample account is the GARS £, Institutional Pooled Pension Portfolio. This account is not available to US investors.

32

Important Information

The following benchmarks are broad based indices and are used for comparative/illustrative purposes only. Comparisons to benchmarks have limitations because benchmarks have volatility and other material characteristics that may differ from the portfolio. For example, investments made for the portfolio may differ significantly in terms of security holdings, industry weightings and asset allocation from those of the benchmark. Accordingly, investment results and volatility of the portfolio may differ from those of the benchmark. Also, the indices noted in this presentation are unmanaged, are not available for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the portfolio may incur. In addition, the performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance.

1 Month USD LIBIDBloomberg Code: LIBMBO1MLondon Interbank Bid Rate – LIBID is the average interest rate at which participating London banks are willing to borrow eurocurrency deposits from other banks. It is calculated by the British Bankers Association on the daily basis as the average of the interest rates at which London banks bid for borrowed eurocurrency portfolios from other banks.

MSCI World IndexBloomberg Code: MXWOMSCI World Index is a free float-adjusted market capitalization weighted index of over 1600 world stocks that is designed to measure the equity market performance of developed markets. As of March 31, 2012 the MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

The US GARS composite is comprized of portfolios whose objective is to achieve a target of cash + 5% by investing in securities that perform over a 2-5 year time horizon. While the strategy’s objective is to seek to provide consistent returns with 4-8% tracking error, it does not imply that this strategy shall share, or attempt to share, the same or similar characteristics of the benchmark or attempt to track the benchmark. Sub-advized and portfolios constrained by guidelines and restrictions are excluded from the composite. Standard Life Investments maintains a complete list and description of composites, which is available upon request.

An investment in the portfolio is speculative and involves certain risks. Prospective investors should ensure that they: (1) understand the nature of the investment and the extent of their exposure to risk; (2) have sufficient knowledge, experience and access to professional advisors to make their own legal, tax, accounting, and financial evaluation of the merits and risks of participating in an investment in the portfolio; and (3) consider the suitability of investing in the portfolio in light of their own circumstances and financial condition. The portfolio investment program is not suitable as the sole investment vehicle for an investor and should be part of an overall investment strategy.

Due to among other things, the volatile nature of the markets and the investment strategies discussed herein, they may only be suitable for certain investors. No investment strategy or risk management technique can guarantee return or eliminate risk in any market environment. Further, this information may be amended or revoked at any time without notice.

33

Important Information

The strategy may use alternative investment techniques (such as leverage, short selling, and the use of derivatives) which carry additional risks. The low initial margin deposits normally required to establish a position in such instruments may permit a high degree of leverage. As a result, a relatively small movement in the price of a contract may result in a profit or loss that is high proportion to the amount of portfolios actually places as initial margin and may result in a disproportionate loss exceeding any margin deposited.

Transactions on over-the-counter derivatives may involve additional risk as there is no exchange on which to close out a position, only the original counterparty. Such transactions may therefore be difficult to liquidate, to value, or to assess the exposure.

The strategy may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments.

To the extent the portfolio invests in foreign securities, its performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations and controls, less liquidity, less developed or less efficient trading markets, less governmental supervisor and regulation, lack of comprehensive company information, political instability, greater market volatility, and differing auditing and legal standards.

Equity securities are generally subject to varying degrees of market factors, including but not limited to, market sector, market liquidity, issuer and investment style risk

The foregoing list of certain factors does not claim to be a complete list or explanation of the risks involved in an investment in the portfolio. Investors should read the strategy’s documents and consult with his/her own advisors before deciding to invest. In addition, as the investment markets and portfolio develop and change over time, an investment may be subject to additional and different risk factors. No assurance can be made that profits will be achieved or that substantial losses will not be incurred. Risks are also described in the Standard Life Investments (Corporate Fund) ADV Form Part II and may vary depending on the type of investment.

Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Standard Life**. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life** or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the portfolio or product to which Third Party Data relates.

**Standard Life means the relevant member of the Standard Life group, being Standard Life plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time.

Standard Life InvestmentsOne Beacon Street, 34th FloorBoston, MA 02108-3106Telephone: (617) 720-7900

Standard Life Investments (USA) Limited and Standard Life Investments (Corporate Funds) Limited are both registered as investment advisers with the US Securities andExchange Commission.

Standard Life Investments Securities LLC, is a member firm of FINRA and an affiliate of Standard Life Investments.

Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.

Standard Life Investments Limited and Standard Life Investments (Corporate Funds) Limited are authorised and regulated in the UK by the Financial Conduct Authority.

© 2014 Standard Life, images reproduced under license.